Maxim Power Corp. Announcing Voluntary Settlement of Senior Credit Institution

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CALGARY, Alberta, Oct. 17, 2024 (GLOBE NEWSWIRE) — Maxim Power Corp. (“MAXIM” or the “Corporation”) (TSX: MXG) announced today the voluntary repayment of amounts owed under the Senior Credit Facility.

The Corporation has voluntarily repaid the outstanding principal on both the Fixed Rate Building Facility and the Term Bank Term Facility #1, within the Senior Credit Facility, for an aggregate payment of $49.9 million. As a result, the Fixed Rate Building Center and Bank Time Zone #1 have been decommissioned and are no longer available. There were no other changes to the Senior Credit Facility and as a result, the combined amount of Revolver Facility #1 and Letter of Credit Facility #1 remained unchanged at $19.1 million, while $6.2 million was currently used to issue collateral coins. After voluntary payments, the Corporation has $69.3 million in unrestricted and restricted cash, of which $50.8 million is unrestricted and $18.5 million is restricted.

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About MAXIM

Based in Calgary, Alberta, MAXIM is one of Canada’s largest independent power producers. MAXIM is now fully focused on energy projects in Alberta. Its flagship asset – the 300 MW HR Milner Plant, M2, in Grande Cache, AB – is an advanced cycle power plant scheduled to begin operations in Q4, 2023. MAXIM continues to explore other development options in Alberta including its currently approved gas project and the approval of its wind power project. MAXIM trades on the TSX under the symbol “MXG”. For more information about MAXIM, visit our website at www.maximpowercorp.com. For more information please contact:

Bob Emmott, President and CEO, (403) 263-3021

Kyle Mitton, CFO and Vice President, Business Development, (403) 263-3021

Forward-looking statements

Statements in this release that describe MAXIM’s intentions, expectations or forecasts, or relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause MAXIM’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. MAXIM may revise or revise any forward-looking statements, whether as a result of new information, future events or changes in market and business conditions and will revise forward-looking statements as required in accordance with applicable securities laws.

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